Have you considered renting your property out?

If you were to rent it out you would continue to be able to write off the interest portion of your mortgage payment and you would also be able to write off 1/27th of the value of the structure each year.

This would help offset any difference between your mortgage payment and any rents received. I know it doesn't seem like it at this moment but home values will rise once again and if you wait long enough you will be able to sell your home and make a profit.

Miles
Values have dropped 29% in the last year.

Without knowing all the details, you need to have a professional analyze your situation and present options with the pros and cons.

The short story:
1. If you are relocating will your new employer pay part of the cost?
2. If you are just moving (not job related) do you have to move? The worst time to sell is in a buyer's market.
3. There are a couple of options:
If you would really prefer to stay in the house, try to get the lender to modify your loan by lowering the interest rate.
If you really need to move, then you can examine either a short sale (with lender approval), or other alternatives.
There are significant pros and cons of which you should be aware BEFORE you commit to a plan.

Miles,
I would be happy to meet and discuss your alternatives. Feel free to contact me!

John Beltramea
Broker/Owner
Elite GMAC Real Estate
Cedar Rapids, IA 52402
319-393-3190
John@Elitegmacrealestate.com
IOWA Licensed Real Estate Broker

NO there are several options made available.

a) Listing agent flat fee service
b) If you give the home back to the bank ruins your credit for years !
c) Lease
d) Lease option purchase

Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer